Income StatementBalance SheetCash FlowSegments
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CMS Energy Income Statement

Revenue, expenses, and profitability over time

CMS Energy generated $8.8B in trailing twelve-month revenue, up 0.1% year-over-year. Net income was $1.1B with a 12.55% net margin. Diluted EPS is $3.62, which grew 0.1% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$8.8BOperating Income (TTM)$1.7BNet Income (TTM)$1.1BEps Diluted (TTM)$3.62
Latest FilingQ1 2026
Report Date2026-04-28
Market Cap$22.3B
P/E Ratio20.13
ROE12.44%

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.6
Capital Expenditures—$888.0M$884.0M$978.0M—$1.0B
Common Stock Dividends Per Share—$0.5$0.5$0.5—$0.6
Comprehensive Income Including Noncontrolling Interest—$295.0M$193.0M$272.0M—$278.0M
OCI Attributable to Noncontrolling Interest—-$9.0M-$8.0M-$5.0M—-$63.0M
Dividends per share declared—$0.5$0.5$0.5—$0.6
Reclassifications Net of Tax$262.0M$302.0M$198.0M$275.0M$286.0M$338.0M
Comprehensive Income Attributable to Parent—$295.0M$193.0M$272.0M—$278.0M
Change in Accounts Payable and Accrued Liabilities—$13.0M$11.0M-$30.0M—-$137.0M
Change in Inventories—-$190.0M—$168.0M—-$148.0M
Net Change in Cash and Restricted Cash—$348.0M$399.0M——-$352.0M
OCI Defined Benefit Plan, After Tax—$0.0$0.0-$1.0M—-$1.0M
Comprehensive Income Including Noncontrolling Interest—$295.0M$193.0M$272.0M—$278.0M
Number of reportable segments—————3.00
Other comprehensive income (loss), after-tax—$0.0$0.0$0.0—$1.0M
Other investing activities, net—$30.0M$78.0M$68.0M—$34.0M
Dividends per share declared—$0.5$0.5$0.5—$0.6
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.6
Income Taxes Paid, Net-$17.3M-$5.0M-$5.0M-$5.0M-$5.0M—
Interest Paid, Net$169.3M$185.3M$185.3M$185.3M$185.3M—
Comprehensive income (loss), including noncontrolling interest—$295.0M$193.0M$272.0M—$278.0M
Capital investments accrued but not yet paid$130.0M$315.0M$222.0M$49.0M$76.0M$601.0M
Cash Dividends Paid To Parent Company By Consolidated Subsidiaries—$271.0M$145.0M$233.0M—$308.0M
Dividends declared (in dollars per share)—$0.5$0.5$0.5—$0.6
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$304.0M$201.0M$277.0M—$341.0M
Less: comprehensive income attributable to noncontrolling interest—-$9.0M-$8.0M-$5.0M—-$63.0M
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest—$295.0M$193.0M$272.0M—$278.0M
Deemed contribution from sale of membership interest—$0.0———$82.0M
Deferred and other income taxes$39.0M$60.0M$64.0M$47.0M$31.0M$82.0M
Effective tax rates—$0.2$0.0——$0.2
Income taxes at U.S. statutory rate of 21%—$0.2———$0.2
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent—-$0.0-$0.0——-$0.0
Property differences—-0.3%———-1.7%
State income taxes – net of federal income tax benefit—$0.1$0.0——$0.1
Changes in unrecognized tax benefits—0.8%———5.2%
Effective Income Tax Rate Reconciliation, Tax Credit, Energy-Related, Percent—5.6%———6.9%
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Percent—0.3%5.5%——0.6%
Facilities agreed to sell———13.00——
Financing income—$5.0M$4.0M$3.0M—$4.0M
Forward price (USD per share)———$72.42—$75.63
Fuel$175.0M$217.0M$134.0M$153.0M$153.0M$220.0M
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent—$302.0M$198.0M$275.0M—$338.0M
Income Taxes Paid, Net-$17.3M-$5.0M-$5.0M-$5.0M-$5.0M—
Increase (Decrease) in Accounts and Other Receivables$340.0M$5.0M-$85.0M-$34.0M$365.0M$24.0M
Accounts payable and other current liabilities—$13.0M$11.0M-$30.0M$202.0M-$137.0M
Increase (Decrease) in Inventories-$113.0M-$190.0M—$168.0M—-$148.0M
Increase (Decrease) in Other Current Assets and Liabilities, Net-$45.0M-$41.0M-$76.0M——$63.0M
Increase (Decrease) in Other Noncurrent Assets and Liabilities, Net-$34.0M-$64.0M$49.0M$49.0M$22.0M-$65.0M
Diluted effect of share purchase plans related to Class A ordinary shares (in shares)—900K600K600K—500K
Interest Costs Capitalized Adjustment$7.0M$3.0M$3.0M$3.0M$2.0M$8.0M
Debt$181.0M$187.0M$199.0M$204.0M$208.0M$209.0M
Interest Paid, Excluding Capitalized Interest, Operating Activity$169.3M$185.3M$185.3M$185.3M$185.3M—
Lease Income—$42.0M$34.0M$41.0M—$50.0M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation$261.0M$266.0M$947.0M$210.0M$817.0M$16.0M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$953.0M-$918.0M-$962.0M-$1.0B-$1.1B-$1.1B
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$403.0M$1.0B$414.0M$343.0M$478.0M$705.0M
Net Income Loss Attributable To Noncontrolling Interest—-$9.0M-$8.0M-$5.0M—-$63.0M
Number of reportable segments—————$3.0
Other comprehensive income (loss)—$0.0$0.0$0.0—$1.0M
Pension and other postretirement benefit, tax—$0.0$0.0-$1.0M—-$1.0M
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax—$0.0$0.0$0.0—$0.0
Other Noncash Income (Expense)$89.0M$46.0M$98.0M$37.0M$57.0M$55.0M
Non-operating retirement benefits, net$42.0M$42.0M$47.0M$48.0M$49.0M$51.0M
Payment for (Proceeds from) Other Investing Activity$35.0M$30.0M$78.0M$68.0M$38.0M$34.0M
Payments Of Ordinary Dividends, Common And Preferred—$166.0M$165.0M$165.0M—$178.0M
Payments to Acquire Property, Plant, and Equipment—$888.0M$884.0M$978.0M—$1.0B
Power supply cost—$615.0M$603.0M$687.0M—$691.0M
Preferred Stock Dividends and Other Adjustments—$2.0M$3.0M$2.0M—$2.0M
Preferred Stock Dividends Per Share Declared—$0.26$0.26$0.26—$0.26
Proceeds from Issuance of Common Stock$3.0M$3.0M$14.0M$356.0M$152.0M$166.0M
Debt issued (Note 13)$515.0M$1.2B$1.2B$62.0M$1.1B$258.0M
Financing — other—-$33.0M-$27.0M$0.0-$5.0M-$26.0M
Proceeds from (Repayments of) Short-Term Debt—-$65.0M———$0.0
Proceeds From Sale Of Interest In Partnership Unit$0.0$44.0M————
Net additions (releases) charged to costs and expenses$8.3M$12.0M$8.0M$10.0M$10.0M$13.0M
Purchased power – related parties$18.0M$18.0M$30.0M$21.0M$25.0M$20.0M
Repayments of Long-Term Debt$163.0M$717.0M$124.0M$43.0M$266.0M$204.0M
Revenue From Contract With Customer Excluding Assessed Tax—$2.4B$1.8B$2.0B—$2.7B
Segment Reporting, Other Segment Item, Amount—-$7.0M-$5.0M-$3.0M—-$61.0M
Taxes other than income taxes and other – net$126.0M$162.0M$109.0M$107.0M$135.0M$173.0M
Additions for tax positions of prior years—————$18.0M
Comprehensive Income (Loss), Total—$295.0M$193.0M$272.0M—$278.0M
Comprehensive Income Attributable to Noncontrolling Interests—-$9.0M-$8.0M-$5.0M—-$63.0M
Comprehensive Income, Including Noncontrolling Interest—$295.0M$193.0M$272.0M—$278.0M
Other Comprehensive Income (Loss)—$304.0M$201.0M$277.0M—$341.0M
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.6
Comprehensive Income Including Noncontrolling Interest—$295.0M$193.0M$272.0M—$278.0M
Total Comprehensive Income—$295.0M$193.0M$272.0M—$278.0M
Comprehensive Income, Noncontrolling Interest—-$9.0M-$8.0M-$5.0M—-$63.0M
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.6
Comprehensive Income—$295.0M$193.0M$272.0M—$278.0M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.6
Basic earnings per share from continuing operations$0.9$1.0$0.7$0.9—$1.1
Diluted earnings per share from continuing operations$0.9$1.0$0.7$0.9—$1.1
Common Stock Dividends Per Share (Declared)—$0.5$0.5$0.5—$0.6
Basic EPS from Continuing Operations$0.9$1.0$0.7$0.9—$1.1
Diluted EPS from Continuing Operations$0.9$1.0$0.7$0.9—$1.1
EPS from Continuing Operations$0.9$1.0$0.7$0.9—$1.1
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.6
Diluted EPS from continuing operations$0.9$1.0$0.7$0.9—$1.1
Basic earnings per share$0.89$1.01$0.67$0.92$0.94$1.10
Basic EPS from continuing operations$0.89$1.01$0.67$0.92—$1.10
Diluted earnings per share$0.88$1.01$0.66$0.92$0.94$1.10
Continuing operations (in dollars per share)$0.9$1.0$0.7$0.9—$1.1
Continuing operations (in dollars per share)$0.9$1.0$0.7$0.9—$1.1
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.6
Dividends Per Share Declared—$0.5$0.5$0.5—$0.6
EPS from Continuing Operations$0.9$1.0$0.7$0.9—$1.1
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.6
Incremental Shares from Convertible Debt—0———200K
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.6
Common stock dividends per share declared—$0.5$0.5$0.5—$0.6
Dividends Per Share Declared—$0.5$0.5$0.5—$0.6
Basic EPS from Continuing Operations$0.9$1.0$0.7$0.9—$1.1
Diluted EPS from Continuing Operations$0.9$1.0$0.7$0.9—$1.1
Dividends per share declared—$0.5$0.5$0.5—$0.6
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.6
Dividends per share declared—$0.5$0.5$0.5—$0.6
Basic EPS from continuing operations$0.9$1.0$0.7$0.9—$1.1
Diluted EPS from continuing operations$0.9$1.0$0.7$0.9—$1.1
Dividends per share declared—$0.5$0.5$0.5—$0.6
Dividends per Share Declared—$0.5$0.5$0.5—$0.6
Diluted EPS from Continuing Operations$0.9$1.0$0.7$0.9—$1.1
Dividends per share declared—$0.54$0.54$0.54—$0.57
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.6
EPS from continuing operations$0.9$1.0$0.7$0.9—$1.1
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.6
Common stock dividends per share declared—$0.5$0.5$0.5—$0.6
Basic EPS from continuing operations$0.9$1.0$0.7$0.9—$1.1
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.6
Common Stock Dividends Per Share Declared—$0.5$0.5$0.5—$0.6
Common stock dividends per share declared—$0.5$0.5$0.5—$0.6
Weighted-average shares, basic—298.2M298.5M299.7M—306.4M
Weighted-average shares, diluted—299.1M299.1M300.4M—307.1M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effective Tax Rate Statutory Reconciliation—$0.2———$0.2
Effective Tax Rate (Continuing Operations)—$0.2$0.0——$0.2
Effective Tax Rate—$0.2$0.0——$0.2
Cash Paid for Income Taxes-$17.3M-$5.0M-$5.0M-$5.0M-$5.0M—
Effective Tax Rate, Continuing Operations—$0.2$0.0——$0.2
Income Tax at U.S. Statutory Rate—21.0%———21.0%
State and Local Income Taxes, Net—5.0%2.4%——5.2%
Tax Reconciliation: Other Adjustments—-0.2%0.2%0.1%—0.0%
Effective Income Tax Rate, Continuing Operations—$0.2$0.0——$0.2
Tax Reconciliation, Enacted Tax Rate Change—-3.4%-0.1%——-3.3%
Tax Reconciliation, Federal Statutory Amount—$0.2———$0.2
Tax Reconciliation, Other Items—-$0.0$0.0$0.0—$0.0
Tax Reconciliation, State and Local Taxes—$0.1$0.0——$0.1
Effective Tax Rate—$0.2$0.0——$0.2
Effective Tax Rate (Continuing Operations)—$0.2$0.0——$0.2
Income Taxes Paid, Net-$17.3M-$5.0M-$5.0M-$5.0M-$5.0M—
Income tax expense$51.0M$63.0M$62.0M$68.0M$53.0M$85.0M
Effective Tax Rate (Continuing Operations)—$0.2$0.0——$0.2
Tax Reconciliation at Federal Statutory Rate—$0.2———$0.2
Deferred Income Tax Expense$39.0M$60.0M$64.0M$47.0M$31.0M$82.0M
Tax Reconciliation - Federal Statutory Rate—$0.2———$0.2
Effective Tax Rate (Continuing Operations)—$0.2$0.0——$0.2
Income Taxes Paid, Net-$17.3M-$5.0M-$5.0M-$5.0M-$5.0M—
Effective Income Tax Rate—$0.2$0.0——$0.2
Statutory Federal Income Tax Rate—$0.2———$0.2
Effective Tax Rate, Continuing Operations—$0.2$0.0——$0.2
Deferred and Other Income Taxes$39.0M$60.0M$64.0M$47.0M$31.0M$82.0M
Income and Other Taxes-$17.3M-$5.0M-$5.0M-$5.0M-$5.0M—
Effective Tax Rate Continuing Operations—$0.2$0.0——$0.2
Tax Reconciliation Federal Statutory Rate—$0.2———$0.2
Tax Reconciliation Minority Interest—-0.6%-0.7%——-4.6%
Tax Reconciliation Other Adjustments—-$0.0$0.0$0.0—$0.0
Tax Reconciliation State and Local Taxes—$0.1$0.0——$0.1

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Aircraft fuel$175.0M$217.0M$134.0M$153.0M$153.0M$220.0M
Depreciation and amortization$326.0M$388.0M$288.0M$288.0M$342.0M$412.0M
Other Costs and Expenses$420.0M$405.0M$397.0M$416.0M$509.0M$448.0M
Other operating charges$420.0M$405.0M$397.0M$416.0M$509.0M$448.0M
Taxes other than income taxes$126.0M$162.0M$109.0M$107.0M$135.0M$173.0M
Other operating expenses$420.0M$405.0M$397.0M$416.0M$509.0M$448.0M
Provision for credit losses—$12.0M$8.0M$10.0M—$13.0M
Total operating expenses$1.6B$2.0B$1.5B$1.5B$1.8B$2.2B

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other Non-Cash Income (Expense)$89.0M$46.0M$98.0M$37.0M$57.0M$55.0M
Cash Paid for Interest$169.3M$185.3M$185.3M$185.3M$185.3M—
Other non-cash income (expense)$89.0M$46.0M$98.0M$37.0M$57.0M$55.0M
Non-operating Income$40.0M$14.0M$95.0M$19.0M$23.0M$28.0M
Interest expense$180.0M$186.0M$199.0M$203.0M$201.0M$203.0M
Other non-operating expense$21.0M$6.0M$5.0M$5.0M$11.0M$4.0M
Other Non-Cash Income (Expense)$89.0M$46.0M$98.0M$37.0M$57.0M$55.0M
Other income (expense), net$61.0M$50.0M$137.0M$62.0M$61.0M$75.0M
Interest costs capitalized adjustment$7.0M$3.0M$3.0M$3.0M$2.0M$8.0M
Other Non-cash Income (Expense)$89.0M$46.0M$98.0M$37.0M$57.0M$55.0M
Other Non-Cash Income (Expense)$89.0M$46.0M$98.0M$37.0M$57.0M$55.0M
Interest expense on debt$181.0M$187.0M$199.0M$204.0M$208.0M$209.0M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income applicable to common shareholders$262.0M$302.0M$198.0M$275.0M$286.0M$338.0M
Common Dividends Declared (Per Share)—$0.5$0.5$0.5—$0.6
Comprehensive income (loss), including noncontrolling interest—$295.0M$193.0M$272.0M—$278.0M
Net earnings to common$262.0M$302.0M$198.0M$275.0M$286.0M$338.0M
Net income attributable to noncontrolling interests—-$9.0M-$8.0M-$5.0M—-$63.0M
Net Income Available to Common Shareholders$262.0M$302.0M$198.0M$275.0M$286.0M$338.0M
Net income$265.0M$304.0M$201.0M$277.0M$289.0M$340.0M
Income from continuing operations—$295.0M$193.0M$272.0M—$277.0M
Preferred stock dividends$3.0M$2.0M$3.0M$2.0M$3.0M$2.0M
Income from Continuing Operations Attributable to Common Shareowners$0.9$1.0$0.7$0.9—$1.1
Net income attributable to common stock$262.0M$302.0M$198.0M$275.0M$286.0M$338.0M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Lease Income—$42.0M$34.0M$41.0M—$50.0M
Total revenue$2.0B$2.4B$1.8B$2.0B$2.2B$2.7B

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$306.0M$358.0M$255.0M$340.0M$295.0M$362.0M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating income$425.0M$494.0M$317.0M$481.0M$435.0M$490.0M